Global investment bank Goldman Sachs has scaled back its Bitcoin trading desk and will begin trading Bitcoin futures next week. The company is also said to be considering setting up a bitcoin exchange fund (ETF) and plans to offer storage services for cryptocurrency.

• Goldman Sachs Inc. has reopened its crypto currency trading desk, Reuters reported on Monday, quoting someone familiar with the subject. Goldman established its first cryptocurrency office in 2018 after the price of Bitcoin fell from its record lows, dampening investor interest in cryptocurrency.
• According to the press release, the firm will begin trading bitcoin futures and non-deliverable futures contracts for clients next week. It will also work on projects related to blockchain technology and central bank digital currencies (CBDCs).
• According to Mr. Forbes, the cryptocurrency arm will be housed in Goldman Sachs’ Global Markets division and act as a market maker, buying and selling on behalf of clients but not actively managing cryptocurrencies itself.
• The bank is also exploring the possibilities of a bitcoin business and has sent out a request for information to explore the storage of digital assets, the source added. There are currently two bitcoin ETFs in North America that were recently approved in Canada.
• As Bitcoin continues to outperform other assets, more and more companies are looking to access cryptocurrencies. For example, Nasdaq-listed Microstrategy announced Monday that it had bought about 328 Bitcoins for $15 million in cash and now owns about 90,859. Moreover, 42 companies now own more than $65 billion worth of Bitcoin.
• The price of Bitcoin has risen about 56% since the beginning of the year and currently stands at $48,677, according to data from market.Bitcoin.com. The former CEO of Goldman Sachs, Lloyd Blankfein, recently warned: If I were a regulator, I’d be hyperventilating a bit from the success of [Bitcoin]. Meanwhile, Jeff Currie, the current head of commodities research at Goldman, said the bitcoin market is starting to mature and called the cryptocurrency a hedge against retail inflation.

What do you think about the fact that Goldman Sachs has reinstated its crypto trading division? Let us know in the comment section below.

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